CitiStreet Consulting Services Launched to Assist Plan Sponsors; New Service To Begin with Actuarial, Communications and Health & Welfare Consulting.Business Editors QUINCY, Mass.--(BUSINESS WIRE)--Jan. 29, 2002 CitiStreet, the global benefits provider that is a joint venture between State Street Corp. (NYSE NYSE See: New York Stock Exchange :STT STT State Street Corporation (stock symbol) STT Suomen Tietotoimisto (Finnish National News Agency) STT Secure Transaction Technology STT Surface Tension Transfer (welding) ) and Citigroup (NYSE:C), today announced that it has entered into the consulting business for retirement and health and welfare programs with the formation of CitiStreet Consulting Services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" . The new unit, which will be based at the Jacksonville, Fla., division of CitiStreet, will provide a full array of actuarial ac·tu·ar·y n. pl. ac·tu·ar·ies A statistician who computes insurance risks and premiums. [Latin consulting services, including strategy and plan design for retirement and health plans; complete health and welfare consulting services, including vendor procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. , negotiations, and cost analysis; and CitiStreet's customized, award-winning communications for plan participants Plan participants Employees or other beneficiaries who are eligible to receive benefits from a company's employee benefit plan. . "By providing a full spectrum of consulting services, our clients will be able to manage and analyze their retirement and health and welfare plans more efficiently, a crucial necessity in today's difficult economic environment," said James E. Murphy, president of CitiStreet's Total Benefits Outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. Division in Jacksonville, Fla. Murphy said part of the impetus behind the launch of CitiStreet Consulting Services was the growing demand of plan sponsors for direct assistance in helping them and their employees get the most out of their benefit plans. Monica Gallagher Monica Gallagher can refer to either of the below:
"Working with multiple vendors can prolong pro·long tr.v. pro·longed, pro·long·ing, pro·longs 1. To lengthen in duration; protract. 2. To lengthen in extent. the time and the cost required to make an informed decision," said Gallagher. "Now, by offering a bundled one-stop shopping approach, CitiStreet can provide in a timely manner the consultation to help plan sponsors meet their human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. goals and objectives." The initial offerings of CitiStreet Consulting Service will be in the actuarial/retirement arena, employee communications and health and welfare services. Actuarial consulting will be offered through Chicago Consulting Actuaries (CCA (1) (Common Cryptographic Architecture) Cryptography software from IBM for MVS and DOS applications. (2) (Compatible Communications A ). CCA is an industry leader in retirement plan design, new plan development, and financial and actuarial modeling. Their work includes actuarial valuations, executive benefits and international benefits consulting, merger and acquisition support, plan administration and compliance consulting, and data management services. "By combining strengths with CitiStreet, we bring a powerful package to the marketplace," said Thomas S. Terry, president of Chicago Consulting Actuaries. "We have a lot in common, including a strong passion for what we do and a commitment to excellence." In the area of health and welfare plan consulting, CitiStreet said it is expanding its relationship with eBenX. Through its well-respected health and welfare consulting practice, eBenX provides expertise in health and welfare strategy, plan design, merger and acquisition support, procurement, financial/clinical analysis, negotiations, implementation and measurement/reporting. "We are very excited about our expanded relationship with CitiStreet," said Karen Richardson Karen Richardson's 20-year career in the software business includes positions as a key player in several well-known and highly successful companies. Prior to joining E.piphany, Karen held senior sales positions at Netscape Communications Corporation from 1995-1998, during which , eBenX vice president and practice leader for consulting. "Working together and sharing a common organizational philosophy for providing exceptional customer service, employers can now confidently turn to CitiStreet to deliver a full portfolio of services from health and welfare consulting to full benefits administration outsourcing." The communications consulting service expands and builds upon CitiStreet's award-winning communications services for defined contribution plan Defined contribution plan A pension plan whose sponsor is responsible only for making specified contributions into the plan on behalf of qualifying participants. Related: Defined benefit plan participants to now include defined benefits plans, health and welfare plans, and stock option/purchase plans. "Employers invest a lot of resources in order to offer and administer benefits, and they want the best tools so their employees can fully understand the benefit offering, establish goals and meet them. CitiStreet has the creative, flexible and effective communications tools that make those goals attainable," said Murphy. CitiStreet has developed, and will tailor communication materials to the needs of each client, including: materials to inform participants of plan changes or innovations; materials to help recruit new employees; enrollment information aimed at empowering employees to use self-service tools such as the Web and automated voice response systems; materials for active employees planning for, nearing or entering retirement; and kits especially designed for retirees. "By combining our expertise with the powerful tools and broad experience of Chicago Consulting Actuaries and eBenX, we have responded to our clients' requests in creating a comprehensive range of services that will yield improved efficiencies and value for our plan sponsors and their participants," said Murphy. About CitiStreet CitiStreet, one of the largest global benefits delivery firms in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , is headquartered in Quincy, Mass. It has 3,000 employees and offices in East Brunswick, N.J., Jacksonville, Fla., Minneapolis and Boston, and 35 field offices around the nation. CitiStreet serves about 6.5 million participants and administers about $200 billion in assets for defined contribution, defined benefit and health and welfare plans of corporate, government, health care, Taft-Hartley and not-for-profit organizations. CitiStreet is a 50/50 joint venture between State Street Corp. (NYSE:STT) and Citigroup (NYSE:C). For more information, visit the Web site at www.citistreetonline.com. About Chicago Consulting Actuaries Chicago Consulting Actuaries LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control is a premier actuarial consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a with offices in Boston, Chicago, Dallas, Denver, Jacksonville, and San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden . With approximately 100 employees, CCA offers a full range of benefit and compensation consulting services to medium and large size corporations across the US. CCA is widely known as an innovator in retirement plan design and modeling. By aggressively deploying technology, CCA has been a pioneer in bringing new efficiencies and tools to its actuarial clients. More information about CCA is available at www.ChicagoConsultingActuaries.com. About eBenX eBenX is a nationally recognized firm providing strategic health and welfare benefits consulting services that help America's largest employers optimize their group benefit program performance. The nationally focused eBenX consulting practice, complements the eBenX technology services that manage the business transactions between employers and carriers, the buyers and sellers of group health and welfare benefits. eBenX enables choice for employees and competition among health and welfare plans and carriers. More information about eBenX is available at www.ebenx.com. |
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